SWIFT Launches International Cross-Border Payments Tracker

SWIFT, a global provider of financial messaging services, has launched its first ever cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term tracker, helping corporate treasurers track and garner their payments at any given point in its execution in real time, per a group statement.

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The group already deploys a wide range of tracking modules and utilities, though its latest cross-border tracking will extend its capabilities to a broader focus than ever before, shoring up any possible gaps along the entire payments process. With perfect information in real time, the cross-border payments tracker will also facilitate international payments, and forms the backbone of SWIFT’s gpi.

SWIFT gpi represents the group’s latest payments innovation service, which aggregates real-time payments tracking with the speed and certainty of same-day settlement for international payments. The gpi service has been available since earlier this year, showing steadfast support from transaction banks.

Worldwide Focus

The SWIFT gpi also focuses on accurate reconciliation of payments and invoices, optimizing liquidity with more efficient cash forecasts and the reduction of exposure to FX risks. The cross-border tracker is available through an open API as well, making it accessible with proprietary banking systems worldwide.

According to Christian Sarafidis, Chief Marketing Officer, SWIFT, in a statement on the launch: "Today's announcement is a significant step towards a game-changing experience for corporates the world over. By taking advantage of the right technology, at the right time, with the right players behind us, SWIFT has successfully helped correspondent banking reach a significant milestone in its evolution."

"This is only the beginning for SWIFT gpi. We will continue to explore new technologies, such as Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, and deliver more value added payment services further transforming the international payments landscape and, in doing so, accelerating global trade,” noted Wim Raymaekers, Programme Manager for SWIFT gpi, in an accompanying statement.